Bingo to Generate Millions Under New UK POC Tax

The UK point-of-consumption tax on online gambling goes into effect in December 2014 and the government expects to generate millions from bingo operators according to Rank plc.

With the new law, operators offering gambling services to UK citizens are required to pay taxes and seek additional licensing.

"In the run-up to the last general election, both Coalition parties supported a rate reduction for bingo, bringing it in line with other forms of betting," Rank CEO Ian Burke told This is Money.

"The Treasury's plan to make remote betting companies pay gaming duty provides the government with its best opportunity to fulfil that pre-election promise."

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